Apple is officially worth more than $1 trillion

A major, but temporary milestone for the smartphone giant

Although the iPhone X launched with weaker-than-expected sales numbers, Apple has turned things around as of late.

Indeed, as we pointed out yesterday, the company managed to grow its revenue by a whopping 17 percent year-over-year to a total of $53.3 billion in the third quarter of 2018. A not-insignificant chunk of this revenue growth can be attributed to improved iPhone X sales.

This explosive growth has led to a sizable increase in Apple's stock price, boosting the tech giant's market cap to an incredible $1 trillion. The tech newswire lit up today with reports claiming Apple merely had to hit $207.05 per share to reach this milestone.

Naturally, the $1 trillion figure is constantly changing. Even single-digit shifts in the company's stock price could cause it to grow above, or slip below, this milestone.

Still, even if it's only a temporary achievement, it's an achievement nonetheless, especially given the fact that other tech companies have seen their values stagnate or outright fall recently.

Whether or not Apple can retain this market cap -- or close to it -- in the long run remains to be seen. The company will face stiff competition from Samsung, and even Huawei, in the coming months as smartphone makers begin to unveil their latest flagship devices.